Focus Lightings Tech CO.(300708) 东吴证券·2025-01-01 23:30Investment Rating - The report maintains an "Accumulate" rating for the company [7][8]. Core Insights - The company has demonstrated robust operational efficiency, with a compound annual growth rate (CAGR) of 21.38% in revenue from 2019 to 2023. In the first three quarters of 2024, the company achieved a revenue of 2.022 billion yuan, a year-on-year increase of 10.61%, and a net profit attributable to shareholders of 160 million yuan, up 107.02% year-on-year [3][8]. - The recovery in downstream demand for LED products, driven by commercial activities and events, has led to a stable sales scale and high capacity utilization rates, consistently above 97% from 2019 to 2023 [7][8]. - The company is expanding its product offerings in red and yellow light LED chips and is advancing its Mini/Micro LED projects, with a total investment of 276 million yuan in these initiatives by the end of Q3 2024 [20][8]. Financial Forecasts and Valuation - The company is expected to generate revenues of 2.88 billion yuan in 2024, 3.30 billion yuan in 2025, and 3.89 billion yuan in 2026, with corresponding net profits of 210 million yuan, 240 million yuan, and 290 million yuan respectively [8][23]. - The projected P/E ratios for 2024, 2025, and 2026 are 40.57, 35.79, and 29.13 respectively, indicating a favorable valuation trend as earnings grow [8][23].